Proceedings of the 6th World Conference on Management, Business and Economics
Year: 2024
DOI:
[PDF]
Financial Strategy for Organizations Using Blockchain Technology
Dr. Tripti Nashier
ABSTRACT:
Blockchain technology has emerged as a transformative force, offering organizations the potential to revolutionize their operations and drive sustainable performance. This research explores the multifaceted implications of blockchain across financial management, supply chain management, data management and analytics, smart contracts, and organizational adoption. Findings reveal opportunities for enhancing transparency, efficiency, and performance. In financial management, blockchain streamlines accounting practices and fortifies fraud prevention. Supply chain management benefits from improved traceability and ethical sourcing. Blockchain-enabled data management enhances security and empowers informed decision-making. Smart contracts automate processes, reducing costs and increasing compliance. Successful adoption requires effective change management strategies, fostering adaptability and governance. Quantifying tangible benefits and documenting success stories is crucial for justifying investments and unlocking blockchain’s full potential. As organizations navigate the complexities of blockchain integration, this research provides a comprehensive framework for leveraging its capabilities and shaping the future of organizational performance, fostering innovation, sustainability, and trust within the broader business ecosystem. Blockchain’s transformative potential is undeniable, and its integration will redefine the landscape of organizational operations.
keywords: Financial Management, Data Management, Analytics, Change Management, Organizational Performance